PM Modi launches Rs.1000-cr development projects in Daman

Earlier in the day, Modi arrived at the Surat airport where he was accorded a grand welcome. Without naming the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, and PNB, the prime minister said the management of financial institutions, auditors and regulators should perform their duty earnestly. However, PM Modi spoke about the bank fraud first time on Friday at the ET Global Business Summit after the fraud took place that the government would take "stern action" against irregularities.

He also warned that his government will not tolerate embezzlement of public money.

The Prime Minister said that there is unprecedented investment being made today in infrastructure, agriculture, technology, health sector, and education sector. He also said that all the renowned names in the field of science have successfully converted failures into strengths. "The world is validating India's competitiveness".

The Prime Minister went on to say that apart from purely natural disasters, most calamities occur because people are not vigilant enough and do not follow the rules.

He said that in the last four years, the discourse has changed from India being a "fragile five" economy to the target of India becoming a "five trillion dollar" economy.

The programme will also be streamed on the You Tube channels of the Prime Minister's Office, Ministry of Information and Broadcasting and DD News. "Today, India is performing well in terms of all macro-economic parameters, whether it is inflation, current account deficit, fiscal deficit, GDP growth, interest rate or Foreign Direct Investment".

He will launch various development projects, and hand over certificates to beneficiaries of various official schemes.